Granite Construction Incorporated (NYSE:GVA) Plans Quarterly Dividend of $0.13

Granite Construction Incorporated (NYSE:GVA) declared a quarterly dividend on Thursday, February 12th. Stockholders of record on Tuesday, March 31st will be paid a dividend of 0.13 per share by the construction company on Wednesday, April 15th. This represents a c) annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend is Tuesday, March 31st.

Granite Construction has a payout ratio of 8.6% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Granite Construction to earn $6.97 per share next year, which means the company should continue to be able to cover its $0.52 annual dividend with an expected future payout ratio of 7.5%.

Granite Construction Stock Down 2.8%

GVA opened at $129.48 on Friday. The stock’s fifty day simple moving average is $119.82 and its 200 day simple moving average is $110.42. Granite Construction has a 1-year low of $69.08 and a 1-year high of $136.63. The stock has a market cap of $5.65 billion, a PE ratio of 37.31 and a beta of 1.34. The company has a current ratio of 1.21, a quick ratio of 1.12 and a debt-to-equity ratio of 0.80.

Granite Construction (NYSE:GVA) last issued its quarterly earnings data on Thursday, February 12th. The construction company reported $1.40 earnings per share for the quarter, beating the consensus estimate of $1.34 by $0.06. The company had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.15 billion. Granite Construction had a net margin of 4.31% and a return on equity of 24.04%. The company’s revenue was up 19.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.23 earnings per share. As a group, research analysts expect that Granite Construction will post 5.49 earnings per share for the current year.

Wall Street Analyst Weigh In

GVA has been the topic of several research reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Granite Construction in a research report on Monday, December 29th. Zacks Research raised Granite Construction from a “strong sell” rating to a “hold” rating in a report on Monday, January 12th. Wall Street Zen raised Granite Construction from a “hold” rating to a “buy” rating in a report on Saturday, January 17th. The Goldman Sachs Group boosted their target price on shares of Granite Construction from $109.00 to $124.00 and gave the company a “neutral” rating in a research report on Wednesday, January 28th. Finally, DA Davidson raised their price target on shares of Granite Construction from $125.00 to $130.00 and gave the stock a “buy” rating in a research report on Tuesday, November 11th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $127.00.

Granite Construction Company Profile

Granite Construction Inc is a publicly traded heavy civil contractor and construction materials producer based in Watsonville, California. The company specializes in delivering large-scale infrastructure projects for government and private clients, focusing on the development, rehabilitation and maintenance of transportation, water resource and industrial facilities. Its turnkey solutions span the full project lifecycle, from preconstruction and design-build to construction management and facilities maintenance.

In its construction segment, Granite undertakes highway and bridge building, airport runway and taxiway construction, marine terminal and port improvements, dam and reservoir projects, transit systems and underground utilities.